Kishore Biyani, the Chairman of the suspended board of Future Retail, has stepped down from his position. In a regulatory filing, the company announced that Biyani has tendered his resignation as the Executive Chairman and Director of the company.
The resignation will be placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016. The resolution professional of Future Retail received the intimation through an e-mail on January 24, 2023.
Biyani has "tendered a letter of his resignation from the position of the 'Executive Chairman and Director' of the Company," said Future Retail in a regulatory filing.
His resignation "shall be placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016", the company added.
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However, it was also clarified in the filing that nothing in the statement should be construed as an acceptance of the contents of the resignation letter tendered by Biyani, including in respect of his submissions in the resignation letter on information handover.
The company is currently facing insolvency proceedings after it defaulted on loans, and was dragged into these proceedings by lender Bank of India. Its lenders have also rejected a Rs 24,713-crore takeover of the 19 Future group companies, including Future Retail, by Reliance Industries, amid a legal challenge by Amazon.
